It’s time for dramatic action
The hurdles that exist for women in the re/insurance industries seem, despite many years of industry-wide effort, to be intrinsically enmeshed in its fabric. This has to change, says Barbara Schonhofer, founder and chair of ISC Group.
“The insurance industry has taken to social media” is probably a phrase that even a year ago would have seemed impossible, but in the last year or so, the war on talent has led to new and radical approaches to recruitment.
It’s not just individuals who are taking the initiative to celebrate the exciting and far-reaching opportunities within our industry through TikTok, but also industry associations including the London Market Group and the Chartered Insurance Institute with their introduction of “influencers”.
The increasing use of unconventional methods of education signal an important mindset switch in the insurance industry’s approach to talent attraction and a recognition that things need to change.
At an organisational level, a greater focus on inclusive hiring through amendments to language in job descriptions, leading with family-friendly and flexible working policies and diverse hiring panels is a step forward in welcoming diverse talent.
The introduction of dedicated diversity, equity and inclusion (DEI) teams, along with the proliferation of employee resource groups, has marked a turning point for organisations when it comes to mobilising additional resourcing to create working environments that are inclusive.
Both aspects have resulted in a significant increase in the number of DEIB (DEI + belonging)-centric conversations and educational opportunities available, which can only be positive.
However, when we talk with women working their way up the seniority ladder, the challenges persist. We still receive requests from ISC members for greater guidance on finding opportunities for advancement, how to navigate a non-linear career journey, and how to take control of their careers after a break.
The additional hurdles that exist for women in the world of work, and specifically in the re/insurance industries seem, despite many years of industry-wide effort, to be intrinsically enmeshed in its fabric. Thus, the time has come for dramatic action.
ISC Group was established 20 years ago specifically to address the gender seniority gap in the insurance industry in the UK and has grown from a dozen women business leaders in the London Market to a fully-fledged industry membership association with 10,000 members in seven countries.
The rapid growth we have seen in the last 18 months has been two-fold. We have more corporate partners than ever before, highlighting organisational recognition of the importance of women’s communities and the desire for external guidance on internal gender parity efforts.
Our individual membership has also increased dramatically, which suggests that more women are ready to take control of their career development and aim for senior leadership.
Career development
While the importance of business networking remains deeply engrained in the roots of our organisation, we have evolved to offer far more, with an ever-expanding emphasis on career development opportunities for women, in all levels of seniority, as a method of talent retention.
“We have a profound understanding of the talent-related challenges facing organisations and the opportunity-related challenges facing individuals.” Barbara Schonhofer, ISC Group
“We have a profound understanding of the talent-related challenges facing organisations and the opportunity-related challenges facing individuals.” Barbara Schonhofer, ISC Group
Through support from our 100 Corporate Partners, we have a profound understanding of the talent-related challenges facing organisations and the opportunity-related challenges facing individuals. By acting as an industry hub for support and expertise, we are able to marry up these two experiences and form a solution that works for both corporates and colleagues.
DEI should be an integral part of any industry and will be embedded in organisations that want to keep in tune with their stakeholders and the changing work-life landscape. This is arguably even more true of the re/insurance industry, which is about people and protection. We touch everyone’s lives and in doing so we need to be prepared to tackle emerging and future risks and offer products and services that accurately reflect corporate and consumer needs.
A diverse workforce is integral to finding solutions to said risks. Through having teams which reflect the experience of consumers, organisations will be better equipped to analyse and tackle incumbent risks. The companies that address the challenges of generative artificial intelligence and the widening protection gap are doing this through innovation and people.
The good news is that as an industry we are stepping up to what it really means to be inclusive, and this starts with welcoming more women into leadership roles. The reality is that women are playing catch-up to a long establish mentality of a predominantly male work environment in terms of leadership.
To change this mindset requires many touchpoints of action. ISC Group provides a community connecting women in our industry in local country markets with their international peers. This provides a safe space for storytelling and shared experience to give women the confidence to own our workspace, leading to the courage to step forward for leadership roles. The importance of this to our members cannot be overemphasised.
ISC Group offers all women the opportunity to unite, learn together and reach the leadership positions that were the realm of only a handful of women 20 years ago. To find out more, visit www.isc-group.com.
